Way back when, before the children and the daily routine of juggling life tasks plus responsibilities, money management was simpler and also a lot cheaper.
Marriage is not just a bond of hearts; it’s also a merger of finances. Achieving financial bliss may seem like a hefty goal, but it’s entirely possible with the right mindset and strategies. We’ve been married for 10 years now and the cost of our wedding was all paid for in cash. That was a very good start for a young couple. Considering it’s now normal to opt for a loan to fund the big day, that really didn’t cross our minds and is a good thing too.
“The average cost of a wedding in the UK is around £20,000.”
Add a wedding planner £2,000 and a honeymoon £4,000. It’s a huge upfront cost you’d hope you’d never have to repeat.
We saved it all from the £1000 dress to the £100 suit. You can clearly tell I wasn’t fussy about wearing a River Island suit. The wedding was abroad, so the exchange rate was pounds to zloty, which was perfect and came to a grand total of £15,000.
A great tip most people would appreciate is to ask your guests to contribute cash rather than gifting presents. It sounds cringy but honestly, most of them have no clue what to get you anyway, so it’s a win-win situation.
“Being married and mixing money has its ups and downs, but communication is key.”
Set aside time to speak about your financial goals, like purchasing your first home or clearing up student debts. Maybe discuss financial traumas and spending habits to get a clearer understanding of where you both stand.
Understandably money can be a sensitive subject for some due to how they were raised and life experiences. Tread carefully and don’t make demands or assumptions about your other half.
Most couples hit a brick wall when it comes to combining finances. My overall opinion is everything should be combined. You have decided to share a home together, share a bed together and may even already have kids together. Why wouldn’t you share a bank account together?
“The aim is to have a happy household with shared financial goals.”
When you are married, financial openness and honesty in your relationship is more important than ever. If one partner blows the household budget, for instance, then owning up to it, not hiding it, is the best way to move forward as hard as that may be to do.
